I used to argue that the growth of the last ~80 years was - TopicsExpress

I used to argue that the growth of the last ~80 years was dependent on the presence of the Federal Reserve. It seems, as I learn more economics, I was partially correct. Without the Federal reserve we would probably still have had growth. Probably a slower rate of growth but there probably would have been less busts and the busts we did ever would have been less severe. Yes this is a counterfactual - so it is impossible to prove. However, IMO the theory if you read into it is more logically sound than Keynesian economics. This also does not mean we have nothing to learn from Keynesian economics.

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